While the 26-year-old has since established himself as an important player at the Bernabeu, Real could still be prepared to part with Benzema to fund an audacious bid for Manchester City's Sergio Aguero - valued at £85m by the Citizens - or Liverpool's Luis Suarez.

It is thought that Real would have difficulty turning down a bid in the region of £25m given Benzema's contractual situation.

However, Arsenal may yet have to settle for Morata instead, with Real more willing to let the 21-year-old leave.

Indeed, Real could be willing to accept as little as £8m for Morata on the condition that they have a right to buy the player back within two years.

It now remains to be seen whether Wenger is able to convince Real to part with one - or even both - players as he prepares for next season.